BAM.A Brookfield Asset Management Inc

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION TO THE
UNITED STATES


Brookfield Asset Management Inc. (TSX:BAM.A)(NYSE:BAM)(EURONEXT:BAMA) today
announced that it has agreed to issue 8,600,000 Preferred Shares, Series 28 on a
bought deal basis to a syndicate of underwriters led by TD Securities Inc.,
CIBC, RBC Capital Markets and Scotia Capital Inc. for distribution to the
public. The Preferred Shares, Series 28 will be issued at a price of $25.00 per
share, for aggregate gross proceeds of CDN$215,000,000. Holders of the Preferred
Shares, Series 28 will be entitled to receive a cumulative quarterly fixed
dividend yielding 4.60% annually for the initial period ending June 30, 2017.
Thereafter, the dividend rate will be reset every five years at a rate equal to
the 5-year Government of Canada bond yield plus 1.80%. 


Holders of Preferred Shares, Series 28 will have the right, at their option, to
convert their shares into cumulative Preferred Shares, Series 29, subject to
certain conditions, on June 30, 2017 and on June 30 every five years thereafter.
Holders of the Preferred Shares, Series 29 will be entitled to receive
cumulative quarterly floating dividends at a rate equal to the three-month
Government of Canada Treasury Bill yield plus 1.80%.


Brookfield Asset Management has granted the underwriters an over-allotment
option, exercisable for a period of 30 days following closing, to purchase up to
an additional 1,290,000 Preferred Shares, Series 28 which, if exercised, would
increase the gross offering size to $247,250,000. The Preferred Shares will be
offered in all provinces of Canada by way of short form prospectus.


The net proceeds of the issue will be used for general corporate purposes,
including funding a portion of the company's acquisition of additional common
shares in U.S. mall operator General Growth Properties Inc. The offering is
expected to close on or about February 8, 2011. The preferred shares may not be
offered or sold in the United States or to U.S. persons absent registration or
an applicable exemption from the registration requirements under the U.S.
Securities Act.


About Brookfield Asset Management 

Brookfield Asset Management Inc., focused on property, power and infrastructure
assets, has over US$100 billion of assets under management and is listed on the
New York and Toronto Stock Exchanges under the symbols BAM and BAM.A,
respectively, and on NYSE Euronext under the symbol BAMA. For more information,
please visit the Company's website at www.brookfield.com.


For more information, please visit our web site at www.brookfield.com.

Forward-Looking Statements

Note: This news release contains forward-looking information within the meaning
of Canadian provincial securities laws and "forward-looking statements" within
the meaning of Section 27A of the U.S. Securities Act of 1933, as amended,
Section 21E of the U.S. Securities Exchange Act of 1934, as amended, "safe
harbor" provisions of the United States Private Securities Litigation Reform Act
of 1995 and in any applicable Canadian securities regulations. The words "will",
derivations thereof and other expressions that are predictions of or indicate
future events, trends or prospects and which do not relate to historical matters
identify forward-looking statements. Forward-looking statements in this news
release include statements in regards to the use of proceeds of the preferred
share issue and the acquisition of additional common shares in General Growth
Properties Inc. Although Brookfield Asset Management believes that such
forward-looking statements and information are based upon reasonable assumptions
and expectations, the reader should not place undue reliance on forward-looking
statements and information as such statements and information involve known and
unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the company to differ materially from
anticipated future results, performance or achievement expressed or implied by
such forward-looking statements and information.


Factors that could cause actual results to differ materially from those
contemplated or implied by forward-looking statements include: economic and
financial conditions in the countries in which we do business; the behaviour of
financial markets, including fluctuations in interest and exchange rates;
availability of equity and debt financing; and other risks and factors detailed
from time to time in the company's form 40-F filed with the Securities and
Exchange Commission as well as other documents filed by the company with the
securities regulators in Canada and the United States including the company's
most recent Management's Discussion and Analysis of Financial Results under the
heading "Business Environment and Risks."


We caution that the foregoing list of factors that may affect future results is
not exhaustive. When relying on our forward-looking statements to make decisions
with respect to Brookfield Asset Management, investors and others should
carefully consider the foregoing factors and other uncertainties and potential
events. Except as required by law, the company undertakes no obligation to
publicly update or revise any forward-looking statements or information, whether
written or oral, as a result of new information, future events or otherwise.

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